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Lagos House of Assembly has approved Sanwo-Olu’s request for the state to assume full ownership of Lekki Concession

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The Lagos House of Assembly has approved Governor Babajide Sanwo-Olu’s request for the state to assume full ownership of Lekki Concession[divider] Company Ltd, a privately owned company.

The House made the resolution to approve the governor’s request sequel to the presentation of the Committee on Finance report during plenary session in Lagos on Monday.

The News Agency of Nigeria reports that the House had received the request from the Executive on June 21 “and was committed to the Committee on Finance to further look into it and report its findings to the House.’’

The committee’s Chairman, Mr Rotimi Olowo (Somolu I), in his presentation, said the state would become the subsisting shareholder of LCC with 75 per cent shareholding and the Office of Public Private Partnerships shareholding of 25 per cent.

The lawmaker added that this was a sequel to the buy-out of all the shareholding interests of the company by the state government.

Olowo further said the original $53.9 million loan obligation from a private sector facility had been resolved after series of engagements between Africa Development Bank, the company and the state government.

He said, “The agreement was to convert the loan to a public sector facility with the benefit of a considerable reduction in interest charges of 1.02 per cent of $1.12 million biannual.

“This is against the 4.12 per cent of $2.746 million per bi-annual, therefore, giving a savings of $1.16 million bi-annual or $3.24milliom per annum.

“The House, therefore, granted the executive the approval to convert the AFDB loan to the public sector loan backed up by sovereign Federal Government guarantee on behalf of the state government.

“This also authorises the state government to issue a counter-guarantee in favour of the Federal Government along with an Irrevocable Standing Payment Order (ISPO) to deduct from the state’s statutory allocation.”

Olowo noted that the servicing of the loan obligations would have a maturity till August 2034.

Debating on the report before the approval, Mr Gbolahan Yishawu (Eti-Osa II) supported the committee’s recommendation, saying “it was a smart move as the interest rate would not injure what the state was spending on capital expenditure.’’

Yishawu added that it would also reduce the interest risk as well as the rate by moving the loan from private to public sector.

Mr Abiodun Tobun (Epe I) said the saving of 3.1 per cent in interest rate difference would reduce the burden on the state government and encourage the savings to be used to develop other sectors.

Mr Femi Saheed (Kosofe II) said restructure of the loan was an indication of the transparency in the state financing, saying it gave add-on flexibility for the additional years granted for the repayment of the loan.

Saheed noted that the request was a standard financial procedure practised all over the world.

The Speaker of the House, Mr Mudashiru Obasa, thereafter, directed the Acting Clerk of the House, Mr Olalekan Onafeko, to send a clean copy of the resolution of the House to the governor.

 

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Breaking: Universities adopt 150 as cut-off mark for 2025/2026 admission and sets admission age at 16, Says Alausa

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Vice Chancellors of Universities in the country have adopted 150 as the minimum cut-off mark for 2025/2026 admission.

The decision was reached in a voice vote supervised by the Registrar of the Joint Admissions and Matriculation Board (JAMB), Prof. Is-haq Oloyede, on Tuesday at the ongoing policy meeting on admission in Abuja.

At the meeting, the minimum cut-off point for admission into polytechnics was pegged at 100, while the colleges of education and agriculture adopted 100 as the entry point.

Colleges of nursing adopted 140 as the entry point for admission

The Federal Government has formally set 16 years as the minimum age for admission into Nigeria’s tertiary institutions.

Minister of Education, Dr. Tunji Alausa, announced this on Tuesday during the 2025 Policy Meeting of the Joint Admissions and Matriculation Board held in Abuja.

Alausa, while declaring the meeting open, emphasised that the age benchmark is now official and non-negotiable. He warned that any admission carried out outside the Central Admissions Processing System would be considered illegal.

The minister further stated that heads of institutions found culpable of admission fraud or circumventing CAPS would be prosecuted in accordance with the law.

The annual policy meeting sets guidelines for the conduct of admissions into universities, polytechnics and colleges of education for the coming academic session

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“We’re Removing All Bottlenecks To Improve Food And Agric Production In Nigeria, Says Tinubu To Brazilian Leader”

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President Bola Tinubu on Saturday assured his Brazilian counterpart, Luiz Inacio Lula Da Silva, that he is working to remove all bottlenecks hindering Nigeria’s agric sector boom, especially bureaucracy, which he said contributes to delays in realising the sector’s potential.

He said this will enable food sovereignty and export for the country in areas such as livestock production.

Tinubu said this in a bilateral meeting held at the Copacabana Forte with the Brazilian president and some members of both countries’ cabinets.

The Special Adviser to the President on Information and Strategy, Bayo Onanuga, revealed this in a statement he signed Saturday night titled ‘We’re Removing All Bottlenecks To Improve Food And Agric Production In Nigeria, Says President Tinubu To Brazilian Leader.’

“The President informed the Brazilian leader and delegation that Nigeria was already undergoing reforms to reposition the economy for global competitiveness, particularly in agriculture, where it already has a competitive advantage.

“Tinubu stated that all technicalities in agreements between the two countries will be streamlined and fast-tracked in trade, aviation, energy transition, food and agricultural development, mining, and natural resources exploration”, the statement partly read.

He added that Brazil’s research and development services had been exemplary for most countries, with the country rated as one of the highest producers of food and agricultural products.

“On livestock farming, Tinubu highlighted the efforts of his administration to boost investments in poultry, cattle rearing, and fisheries, adding that the blue economy also holds potential for long-term partnerships between Nigeria and Brazil. He argued that Nigeria was ready for a strong partnership and immediate action to stimulate food production.

“The President said the subnationals have a pivotal role in food and animal production in Nigeria by complementing the federal government’s efforts to use agriculture as a significant source of employment and resource mobilisation. Lula assured that all agreements with Nigeria would be regularised, and the MOUs would be updated and signed without delay during President Tinubu’s next visit.

“He noted that the lingering bureaucracy between the two countries must be removed to achieve quick results, adding that Brazil’s research and development institutions will collaborate with Nigeria to enhance livestock farming. The Minister of Agriculture, Senator Abubakar Kyari, revealed that Tinubu had consistently insisted on food security for Nigeria, and the mandate would be actualised through local and global partnerships. He added that Nigeria already had a competitive advantage in fertiliser production that could easily be enhanced, “he said.

The Minister of Livestock Development, Idi Maiha, highlighted three areas of partnership with Brazil, including health and disease management, sanitary services, and research into genetic materials and new breeds.

The governors of Benue State, Hyacinth Alia; Ogun State, Prince Dapo Abiodun; Niger State, Mohammed Umar Bago; Delta State, Sheriff Oborevwori; and Lagos State, Babajide Sanwo-Olu, attended the bilateral meeting.

The Governor of Ogun State, Dapo Abiodun, said that the sub-nationals would support the federal government’s framework to revamp the agricultural sector.

Abiodun noted that both leaders’ decision to include a business forum during President Tinubu’s state visit to the country will inject fresh ideas and resources, enabling quick results in turning around Nigeria’s agricultural sector.

The Minister of Foreign Affairs, Yusuf Tuggar, and the Director General of the National Intelligence Agency, Mohammed Mohammed, also participated in the bilateral meeting.

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BREAKING: Tinubu signs Tax Reform bills into law

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President Bola Ahmed Tinubu has signed the four tax reform bills into law.

President Tinubu signed the law in his office at the State House, Abuja, on Thursday, in the presence of relevant stakeholders from across the arms of government.

The new laws include the Nigerian Tax Law, the Nigerian Tax Administration Law, the National Revenue Service (Establishment) Law and the Joint Revenue Board (Establishment) Law.

Earlier on Thursday, President Tinubu had explained that the laws would be unifying Nigeria’s fragmented tax system, removing redundant overlaps, boosting investor confidence, enhancing transparency, and promoting coordinated efforts across all levels.

He also described the legislation as a clear departure from previous policies, emphasising that the reforms are designed to ease the burden on working families, small businesses, and low-income earners while eliminating inefficiencies that have long plagued Nigeria’s fiscal structure.

On his verified X handle @officialABAT, the President had said that the new tax laws form the groundwork for the Nigeria of tomorrow, focused on unlocking opportunities for all.

 

“We are also building a framework for the Nigeria of tomorrow-leaner, fairer and laser-focused on unlocking opportunities for all.”

 

The Nigerian Leader explained that with the new tax reform laws, the Bola Tinubu-led Administration is now laying the foundation for a tax regime that is fair, transparent and fit for a modern, ambitious Nigeria.

“These reforms go beyond streamlining tax codes. They deliver the first major, pro-people tax cuts in a generation, targeted relief for low-income earners, small businesses, and families working hard to make ends meet.

“For too long, our tax system has been a patchwork-complex, inequitable, and burdensome. It has weighed down the vulnerable and shielded inefficiency. That era ends today.

“We are laying a foundation for a tax regime that is fair, transparent and fit for a modern, ambitious Nigeria. A tax regime that rewards enterprise, protects the vulnerable, and mobilises revenue without punishing productivity”, he said.

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